FIRST NEWS Your Daily Food Industry Update

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FIRST NEWS Your Daily Food Industry Update The Right Information. Right Now. Friday - 07/06/2012 - Page 1 FIRST NEWS Your daily food industry update guilty to four counts of violating the Fish Inspection Regulations -- RATING CHANGES Specifically, the CFIA said the company entered a guilty plea to the section of the Fish Inspection Regulations that states that "no person shall export Taison Seafood, Inc. -- South San Francisco, CA I to C fish unless all the processing and storage of the fish is carried out in a (#837341) registered establishment" -- The court imposed a total fine of $2,000 -- The CFIA said that between May 22 and June 7, 2010, an agency investigation R=Recommended L=Limited I=Inconclusive C=Cautionary Status determined that Seafresh Products "unlawfully exported live prawns from H=High Risk T=Too New to Score S=Significant Event U=Unable to Canada without the processing being carried out in a registered Score establishment" (#61163) SPECIAL UPDATE E. E. Mucke & Sons, Incorporated -- Hartford, CT -- A NEWS DIGEST representative of E. E. Mucke & Sons Incorporated told SEAFAX July 5 that the business continues to be in the process of being sold to Rachael's Food J. Alexander's Corporation -- Nashville, TN -- J. Corporation, located in Chicopee, MA, and advised that he expects the deal Alexander's shareholder registers objection to be completed shortly -- SEAFAX's messages for members of Rachael's Food Corporation's executive team on Thursday inquiring about the pending transaction were not immediately returned -- The Hartford Courant Privet Fund LP, which states it collectively holds over 10% of the newspaper said last month that the Mucke's brand and the recipes will be common stock of J. Alexander's Corporation, said July 5 it filed a the same after the sale, but the meats will be made at Rachael's Food complaint in Tennessee Chancery Court seeking to compel the Corporation's Grote & Weigel division, citing a notification that was sent to restaurant company to hold its 2012 annual meeting of E. E. Mucke & Sons' retail buyers -- The Mucke family established E. E. shareholders. Mucke & Sons in 1919 and the fourth generation of the family presently owns and operates the business -- Rachael's Food is affiliated with Additionally, Privet issued an open letter to shareholders of J. Consumer Product Distributors Inc, which does business as J. Polep Alexander's Corporation outlining reasons Privet believes a Distribution Services --Rachael's Food Corporation acquired the assets of defunct Bloomfield, CT-based Grote & Weigel Inc in February for proposed sale transaction is not in the best interests of J. undisclosed financial terms Alexander's shareholders. (#25465) J. Alexander's Corporation announced June 25 that it entered into an agreement with Fidelity National Financial Inc to merge its Save Mart Supermarkets dba Food Maxx -- Modesto, CA -- The restaurant business with a subsidiary of American Blue Ribbon United Food and Commercial Workers Union (UFCW) and Save Mart Holdings Inc, an indirect majority owned subsidiary of Fidelity. Supermarkets agreed to federal mediation and new July 10 deadline to Immediately following the merger, J. Alexander's will be combined come to a resolution regarding a new contract agreement for store with the current restaurant operations of American Blue Ribbon employees -- According to the Sacramento Bee newspaper, the latest three- Holdings LLC, a restaurant operating company and also an indirect point process per the UFCW involves conclusion of an audit to examine majority owned subsidiary of Fidelity National Financial. Save Mart's claims of need for financial relief, establishment of a cost structure for labor costs based on audit findings and authorizing Privet contends J. Alexander's is in violation of Tennessee law and union/management bargaining committees to establish agreements and allow the union discretion to design an overall health and welfare plan -- wants to call a special meeting of stockholders in order to add two Save Mart Supermarkets on July 3 said a short extension with UFCW locals directors to the company's board in the event that the annual 5, 8 and 648 which will last through July 10, while also acknowledging the meeting is not held within 90 days. assistance of a federal mediator -- The supermarket business also opined that "a labor strike is not beneficial for our company or our associates" and Privet Fund has also expressed dissatisfaction over Fidelity added that "an agreement must be reached quickly" -- The previous National Financial Inc's offer to buy J. Alexander's for $12 per share contract for 62,000 union supermarket workers, including Save Mart, in cash and stock, saying it undervalues the company. Raley's and Safeway Inc employees, in northern and central California expired in October, 2011, but the workers had been covered by a series of extension agreements since that time -- After a majority of Raley's workers According to the announcement on the intended deal, the represented by the union authorized a strike in early June, the parties shareholders of J. Alexander's may elect to receive per share $12 agreed to continue negotiations, but the supermarket chain rejected the in cash or a combination of $3 in cash and one share of American UFCW's most recent proposal during negotiations held June 8 with a federal Blue Ribbon Holdings class A common stock, subject to proration at mediator -- The union said its negotiations with Safeway are ongoing -- The closing so that shareholders of the company will receive a total of contracts between Save Mart, Raley's and Safeway and the UFCW are now 49.9% of the shares in American Blue Ribbon Holdings. After the on extensions requiring three to seven days' advance notice by either party transaction, Fidelity National Financial would hold a special class of to cancel common stock in American Blue Ribbon Holdings that will entitle (#20961) Fidelity to at least 50.1% of the voting power of American Blue Ribbon Holdings so long as Fidelity retains at least a 40% economic interest in the combined restaurant operations. Seafresh Products Dist., Inc. -- Richmond, BC Canada -- The Canadian Food Inspection Agency (CFIA) said this week that on April 24, in British Columbia Provincial Court, Seafresh Products Dist., Inc pleaded The transaction is targeted to close in the fourth quarter of 2012, The information contained in this report is compiled according to reasonable and customary standards and practices within the credit reporting industry. This compilation of information is the property of Seafax and is provided pursuant to and subject to the terms of your agreement with Seafax. This report is provided solely for Seafax subscribers and may not be shared in whole or in part with any others. Our toll free number is (800) 777-3533; our email address is [email protected]. Only collection amounts over $1,000 are listed. Copyright 2012 Seafax, Inc. FIRST NEWS Friday - 07/06/2012 - Page 2 assuming satisfaction of the conditions to closing. the debtor's assets to Sparrer Acquisition Inc. According to the committee of unsecured creditors' motion, other bidders expressed Under the terms of the agreement, J. Alexander's may solicit interest in the assets of Sparrer Sausage Company for the same superior proposals from third parties during the 30 calendar days amount of money, but with less onerous pre-conditions. following execution of the agreement continuing through July 22. J. Alexander's said there can be no assurance that the process will The committee's motion said on April 26, Sparrer Sausage result in a superior proposal and it presently does not intend to Company received a letter of intent from Wayne Sellers, a principal discuss any developments with regards to the process unless the of Chicago Meats USA 24/7 LLC. The debtor elected not to company's board makes a decision with respect to a potential proceed with Sellers' letter of intent and elected to enter into an superior proposal. asset purchase agreement with Sparrer Acquisition Inc, despite the committee's objection that was echoed by the U.S. Trustee's office. Privet Fund's letter outlines that on July 2, it filed suit in the Tennessee Chancery Court seeking to compel J. Alexander's to Sparrer Acquisition Inc's offer was, in the committee's opinion, on hold its annual meeting so shareholders can vote on the election of less favorable terms and conditions than Sellers' letter of intent Privet's director candidates. In failing to hold its meeting by July 1, because Sparrer Acquisition Inc required renegotiation of the Privet contends the company "knowingly and intentionally violated collective bargaining agreement with the debtor's unionized Tennessee law in order to avoid the possibility of a shareholder workers, which the committee did not believe was feasible in the referendum on the board's effectiveness." shortened time period. On Thursday, July 5, Privet explained it sent the company notice of Brian Graves is the president and sole shareholder of Sparrer its intent to call a special meeting of shareholders for the purpose of Sausage Company. Graves established Sparrer Acquisition Inc on adding two seats to J. Alexander's board and filling those newly- June 11 in order to purchase the assets of the debtor. created vacancies with its own nominees. According to Privet, should the board "be successful indefinitely delaying its annual According to the objection filed by the committee of unsecured meeting (through litigation tactics or otherwise), the special meeting creditors, Sparrer Acquisition Inc's offer gives Graves a 15% would enable shareholders to express their dissatisfaction with the increase over his current salary, however, it requires that the current governance structure at a vote to take place within 90 unionized workers to take an 18% reduction in pay.
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